Bulletin: SolarWinds Holdings Inc. Ratings Unchanged After Proposed Term Loan And Note Upsizing

SAN FRANCISCO (S&P Global Ratings) June 1, 2016--S&P Global Ratings said today that its ratings on Austin, Texas-based SolarWinds Holdings Inc. (B/Negative/--) are unchanged after the proposed upsize to its first-lien term loan and second-lien notes. The proceeds from the incremental $160 million add-on to its $1.275 billion first-lien term loan due 2023 and the $100 million add-on to its $580 million second-lien notes due 2024 will be used to fund its acquisition of LogicNow, a provider of managed service provider (MSP) software. The 'B' issue-level rating and '3' recovery rating on the first-lien term loan remains unchanged. The '3' recovery rating indicates our expectation of meaningful (50%-70%, upper half of the range) recovery for first-lien debt holders in the

...SAN FRANCISCO (S&P Global Ratings) June 1, 2016--S&P Global Ratings said today that its ratings on Austin, Texas-based SolarWinds Holdings Inc. (B/Negative/--) are unchanged after the proposed upsize to its first-lien term loan and second-lien notes. The proceeds from the incremental $160 million add-on to its $1.275 billion first-lien term loan due 2023 and the $100 million add-on to its $580 million second-lien notes due 2024 will be used to fund its acquisition of LogicNow, a provider of managed service provider (MSP) software. The 'B' issue-level rating and '3' recovery rating on the first-lien term loan remains unchanged. The '3' recovery rating indicates our expectation of meaningful (50%-70%, upper half of the range) recovery for first-lien debt holders in the event of default. The '###+' issue-level rating and '6' recovery rating are also unchanged. The '6' recovery rating indicates our expectation of negligible (0%-10%) recovery for the second-lien debt holders. The 'B' rating...

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